I figured I'd ask Let's say a buyer comes in gets an appraisal it appraises for lower than what the house is listed. The seller isn't willing to budge and the buyer isn't willing to pay what the seller is insisting it costs. They both part ways. Then another buyer comes in. Does he have to re-appraise, even though the house has been appraised already?
I'm worried that we'll have a lazy appraiser and he'll just use comps. I live in the country and also most dont have big fancy houses. Mine is not fancy either but its pretty nice with some acreage. When I look online I only see one house in my area thats comparable. Now you're telling me the appraiser works for the lender!
I figured I'd ask
Let's say a buyer comes in gets an appraisal it appraises for lower than what the house is listed. The seller isn't willing to budge and the buyer isn't willing to pay what the seller is insisting it costs. They both part ways. Then another buyer comes in. Does he have to re-appraise, even though the house has been appraised already?
It depends on the type of loan. Some remain attached to the house for six months, and some do not.
@@georgiacoasthomes Would the buyer that came in "after" the house was appraised be made aware of the appraisal made prior?
If it was a Govt backed loan
I'm worried that we'll have a lazy appraiser and he'll just use comps. I live in the country and also most dont have big fancy houses. Mine is not fancy either but its pretty nice with some acreage. When I look online I only see one house in my area thats comparable. Now you're telling me the appraiser works for the lender!
100k less than contract
Purchased 252k in 2021 met appraisal
Sold 320k 2024 appraised at 220k
Blatant appraisal bias